The DeGen Bible to Financial Freedom - Vol. 18

The DeGen Bible to Financial Freedom - Vol. 18

Week 14 Jan - 27 Jan 2023

Bullish? Well, let's see

Is the bottom in? Yeah yeah nah yeah nah nah yeah nah - Mars Captain

🧠 Observations

  • Rumors about institutional buying causing the small pump in the last 10 days. (Or just pump and dump?) 🤡
  • Good indicator that stables MKT cap dropping. With Ethereum ShangHai upgrade upcoming in March 🎉

💵 Stablecoin & Market Landscape

Stablecoin market share remains EXTREME high in reference to the total crypto market capitalization. 12.8% of stablecoin (138B) on 1.07T crypto market. Flattening trend continues

Reminder: Mid-NOV 2021, this percentage was around 4ish% with a 3T total MC. Now we are at 15ish% with a 1ishT total MC.

Total Crypto Market Cap Chart
  • Now at 1.07T. Re-bounced a bit, struggling in the 1T level in the last 10days.  😳
Reminder: June 2022 witnessed a bottom of 800ish B MC vis-a-vis the market’s top in NOV 2021 at 3T.

Algo-stables sharp decline
  • What can we say? LUNA king has fallen. But indeed, we shouldn’t give up pursuing on this path. After all, what is money? USD? JPY? EUR? CNY? 🤔

  • Zoom out, AAVE has been super performing without any problem, any hack since the eclipse of LUNA, followed by Celsius, 3 Arrows and FTX. Why do people seek centralised regulation when you see things are better without a manager? 👹

OK, Genesis is a mess
  • I will leave the link here for you to navigate. Long story short, it’s a total shit play. 💩

🔢 Index

  • Normally, it might be time to sell when it hits green. No comment and no confidence that this is sustainable. 🟥

  • Small pump to 15, still very low. 😒

📰 Current affairs

Starfish Finance:

Starfish Finance II - Attack of the (Dapp) Clones
Far beyond Earth and millions of miles past the moon, there’s a planet where Decentralized Finance (DeFi) and NFT-Fi meet on an interoperable network. First observed in 2022, the world known as “Starfish Planet” is home to degens, hodlers, frens and a starfish named Sean.
Starfish Finance: A cross-chain DeFi, NFT-finance platform on Astar Network, a Polkadot parachain
Starfish Finance is a pioneer project in the Astar incubation project and the first decentralized finance (DeFi) and nonfungible token (NFT) finance platform on Astar Network.


Bitcoin Price Drops because of Chinese New Year?
Chinese New Year (Lunar New Year) has strong influence on cryptocurrency prices, with Bitcoin prices decreasing in the months leading up to the New Year.
You Can Now Earn Bitcoin By Playing Chess on Your Phone - Decrypt
“Implementing rewards with Zebedee’s platform isn’t about players earning money, it’s about creating a more interesting and fun experience,”


Ethereum Smart Contracts Deployment Jumped 293% in 2022: Alchemy Developer Report - Decrypt
Compared to 2021, the number of smart contracts deployed on Ethereum soared nearly 300% in 2022, according to a new report from Alchemy.

Layer 1s & DeFi:

Polkadot enhances cross-chain abilities between its blockchains
Polkadot has released version 3 of its cross-chain messaging format called Cross-Consensus Messaging (XCM).
DeFi Project 1inch Network Launches Hardware Wallet - Decrypt
1inch’s hardware wallet will support the same cryptocurrencies available on the firm’s hot wallet and offers multi-seed phrase functionality.
Stargate integrates with Metis in first blockchain expansion since launch
Stargate has integrated with the Layer 2 Ethereum scaling solution Metis in its first blockchain expansion since it was launched.
Avalanche DEX Trader Joe Plans to Make its Tokens More Valuable for Users
The platform aims to expand to Arbitrum and BNB Chain in the coming weeks and is changing part of how its tokens are rewarded and distributed.
Paxos Proposes To Deposit $1.5B Of USDP In MakerDAO - The Defiant
Deal Could Generate $70M Annually For Maker
Uniswap Poll Shows 80% Support Decentralized Crypto Exchange’s Move to BNB Chain
More than 20 million UNI were staked by community members to cast their votes.
Vitalik Buterin closes seven-month short trade on RAI token, netting $92,000
RAI co-founder Ameen Soleimani used the trade to support his argument that there’s a mistake in the way RAI was designed.
Celsius Proposes Restructuring to Offer One-Time ‘Meaningful Recovery’ Payout for Most Creditors
The bankrupt firm is thinking of forming a new “recovery corporation” after getting a slew of acquisition bids that were not compelling.
Paxos Proposes To Deposit $1.5B Of USDP In MakerDAO - The Defiant
Deal Could Generate $70M Annually For Maker
Centrifuge Quietly Sets Pace in Real World Assets Race - The Defiant
“Put it on the blockchain.” It’s a phrase that almost became a joke to highlight the supposed uselessness of the distributed ledger technology.
Sushiswap to launch decentralized exchange for perpetual trading on Sei Network
Sushiswap passed a proposal to revamp its tokenomics this week and the new exchange could have an impact on its native token sushi.

NFTs & Metaverse:

NFT blue-chip Azuki launches virtual city Hilumia
Azuki tells The Block that Hilumia will bridge digital and physical worlds through its token Physical Backed Token (PBT).
Ethereum NFT Hit Doodles Will Launch Doodles 2 on Flow Blockchain - Decrypt
One of the most successful Ethereum NFT projects to date is choosing Flow, the home of NBA Top Shot, for its follow-up series.

Macro Economy & Regulations:

Russia preparing to mobilise extra 500,000 conscripts, claims Ukraine
Kyiv’s deputy military intelligence chief says force will form part of new offensives over spring and summer
Coinflex says new exchange with 3AC founders won’t use GTX name after Twitter ridicule
CoinFlex clarified “misconceptions” surrounding plans to raise $25 million for a new crypto exchange in partnership with 3AC founders after Crypto Twitter mocked the plans.
DeFi + TradFi: The Beginning of a Beautiful Friendship - The Defiant
It isn’t often that I ride a chair lift to dinner, but last week I found myself carried up the slopes of St Moritz toward a meal with some of the most influential players in crypto.
Genesis Files for Bankruptcy, Has $150 Million In the Bank - Decrypt
The firm says it weathered “extraordinary challenges,” including the default of Three Arrows Capital and the bankruptcy of FTX in 2022.
CZ alleges FTX paid $43m to run Binance FUD in media
Binance head Changpeng Zhao believes that FTX funded most of the FUD reports surrounding Binance recently.
China Launches Smart-Contract Functionality on Digital Yuan Through E-Commerce App Meituan
Through the smart contract, users can win part of a daily prize of $1,312 for using the digital yuan.
WSJ News Exclusive | New FTX Chief Says Crypto Exchange Could Restart
In his first public interview since taking over the failed cryptocurrency exchange, John J. Ray III said that he is open to the idea of rebooting operations.
Iran and Russia want to issue new stablecoin backed by gold
According to local reports, the Central Bank of Iran is cooperating with the Russian government to issue a cryptocurrency backed by gold.
What You Need to Know About Crypto Regulation in Hong Kong, Singapore, Japan
Asia’s biggest financial centers seem eager to encourage the growth of the crypto industry while protecting consumers and preventing contagion if things go wrong.

Interesting Tweets:

Research reports/videos (DYOR) :

The past, present, and future of airdrop design
A summary of the past and latest airdrop designs, and why the future of airdrops may look different than what exists today with high-velocity airdrops

Does your product need a token?
Many founders adopting Web3 technologies wonder whether a token is right for them. So we’ve written a quick explainer to help guide you through.